First Gen energizes 2 PNB properties with geothermal power
First Gen has secured a fresh power supply deal, this time covering over 5 megawatts (MW) of geothermal energy for the real estate holding arm of Philippine National Bank.
In a statement, the Lopez-led company said the renewable energy supply will energize two high-value properties of PNB Holdings Corp. (PHC). These are the PNB Financial Center in Pasay City and the PNB Makati Center at the Makati Central Business District.
The renewable energy producer said the supply would be sourced from its Tongonan generation facility in Leyte.
The new deal with PHC came as more companies backed by billionaire Lucio Tan shifted to clean electricity.
These include Philippine Airlines, Lufthansa Technik Philippines, Macroasia SATS Food Industries, Macroasia Catering Services., Grandspan Development and Absolut Distillers.
“It is our privilege to broaden our partnership with LTG through our partnership with PNB Holdings Corporation,” said Arlene Soriano, head of sales and engagement at First Gen.
“We look forward to supporting PHC in its journey towards decarbonization as they continue to invest in community experience and workspace environment and future-proof its property developments through sustainability-led innovations,” Soriano added.
First Gen is a major renewable energy player in the local market, with more than 1,700 MW of capacity from 31 hydro, geothermal, solar and wind facilities across the country.
In the first six months of 2026, the company realized gains from its aggressive geothermal investments. Its bottom line increased slightly despite unloading a big chunk of its gas assets.
First Gen reported its attributable recurring net income rose to P8.7 billion from P8.6 billion a year ago.
Giving a major lift to its bottom line was Energy Development Corp., its unit tasked with strengthening First Gen’s foothold in the renewables space with more geothermal energy drilling activities and deployment of solar and wind power plants.
